Ichimoku cloud indicator analysis of gold for March 1, 2018

Gold price has made a new lower low. Price remains in a bearish short-term trend after the cloud rejection. Daily trend has turned to neutral after price entering the Daily Kumo.

Gold price is below both the tenkan- and kijun-sen indicators. Short-term support is at $1,307 at the February lows. Resistance is at $1,335 at the lower cloud boundary. Gold is expected to continue lower, however today I would not be surprised to see a bounce towards $1,325-30.

Magenta line – long-term resistance

After the double top rejection at the long-term resistance and the rejection at the daily tenkan-sen early this week, Gold price has broken through the Kumo and is trading inside it. Daily trend has now turned to neutral. Support is at $1,300. If this level fails to hold we should expect Gold to move towards $1,285-70.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Ichimoku cloud indicator analysis of gold for March 1, 2018